Insurance Policies And The Importance To the Nigerian Family

Why are we talking about insurance and the importance to the Nigerian family? As a country, the number of insured persons is very low. However, the benefits of the right insurance products are important. It helps us to protect our properties and loved ones from unforeseen circumstances.

You will rarely see a Nigerian plan a family vacation, to rest and have a time out away from other routine schedules. We might consider them as frivolities by our sometimes too serious nature. The truth is that when it comes to necessities like insurance plans; only a small number of Nigerians are adequately insured.

What Is Insurance

It simply describes the method and process of protection against financial loss. Additionally, Insurance offers different levels of compensation in the case of financial loss. Insurance is put in place to cater for any of such eventualities. These include Illness, accident, natural disasters or even death. Insurance thereby comes in to salvage the situation of an unplanned incident.

Life

Life insurance is one of the most popular policies but not so many Nigerians sign up for this. Well, maybe except for those who are mandated to sign up for this insurance policy at their place of work.

This policy ensures that in the event of an untimely death of the breadwinner; the dependents do not suffer. In many Nigerian families, the extended family show up when the head of a family passes on. Many people begin to suffer at the demise of the family’s breadwinner. With a life insurance policy, the immediate family is taken care of. Click here to buy

Health

Closely related to Life is health insurance. This form of policy caters for medical expenses. In the case of any sickness or serious ailment, the policy covers all medical bills. It is sad to see Nigerians seeking financial help publicly. Some through active campaigns on social media platforms to settle the hospital bill. It is necessary for all members of the family. Click here to buy

Car Insurance

There are incidents that happen daily on Nigerian roads.  Car insurance sees to the repair or compensates a car owner who has his car insured. Depending on the type of situation there are different kinds of policies to cover accident, theft, disasters and more. Sign up for your Car Insurance here

Education and Home

Some other forms of insurance policies include education and home.  We all know how expensive acquiring higher education is. Therefore, education insurance provides an avenue to save up. As a result, this helps to reduce the burden when a child is eventually ready to resume at a higher institution of learning.

Similarly, in the case of the death of a parent; the right policy will ensure that the child does not stop schooling.

In the same vein, no family wants to suffer the effect of being homeless. Home insurance ensures proper compensation in the face of destruction or damage to the house. Some of these instances include a natural disaster or fire outbreak etc. Read here on How to Fireproof your House.

This is a call to action for all Nigerian families. Plan ahead and look out for the right types of policies. Sign up for the right insurance products and keep your family and loved ones secure.

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